Jack Ma Lives in Tokyo Amid China’s Crackdown

Alibaba founder Jack Ma was reportedly in Tokyo for almost six months during China’s tech firms and powerful businessmen crackdown.

Two years ago, Jack Ma criticized the country’s policy toward tech companies before disappearing from the public eye.

At that time, he accused China’s state banks of having a pawnshop mentality and stifling innovation.

Naturally, this statement infuriated Chinese President Xi Jinping as the country’s regulators targeted the tech firms of Jack Ma.

Last year, regulators fined Alibaba $2.80 billion for antitrust abuses and called off Ant’s $37.00 billion initial public offering.

Since then, Jack Ma has minimized his public appearances and brought his security detail and chefs to his trips.

Consequently, the billionaire was also absent when President Xi Jinping heightened his zero-Covid policy this year.

However, Japanese media revealed on Tuesday that Jack Ma has been living in Tokyo for roughly six months.

Furthermore, the report explained that the Alibaba founder was traveling around with his family.

Apparently, he has been visiting springs and resorts in Japan’s countryside and was having regular trips to US and Israel.

Additionally, sources from the Japanese modern art society stated that Jack Ma had become a collector.

Other than that, the Chinese businessman was said to be expanding his business interest beyond the e-commerce technology industry.

Alibaba to Sell Zomato Shares

The e-commerce company Alibaba group, plans to sell its stake in foodtech startup Zomato through block deal.

The Chinese tech firm will sell shares worth $200.00 million, equivalent to 3.00% of its investment.

According to the broker of the deal Morgan Stanley, it offers a floor price discount of 5.59% to $0.74 apiece.

Before this, Alibaba’s Alipay Singapore Holding has a 12.98% stake in Zomato as of September 2022.

Also, Alipay will undertake the deal on November 30, where Alibaba is expected to keep 10.00% of its stake.

Separately, Uber Technologies sold 7.80% of its shares in Zomato months earlier, earning $392.00 million in the process.